US Funds

Payden Corporate Bond Fund (PYACX)

$9.88

NAV ($)

$-0.01

NAV change ($) as of 8/6/2025

  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The Payden Corporate Bond Fund’s strategy is to purchase investment-grade corporate bonds of companies that have leading market positions, strong cash flow generation, stable management teams and predictable earnings. The strategy’s focus is on bottom-up credit selection with an emphasis placed on adding issues with a near-term catalyst to outperform. Our credit research process looks to capitalize on opportunities in the corporate bond market across sectors and maturities; including the early identification of potential rising stars - companies that we believe will be upgraded to investment grade in the near term. A forward-looking approach is taken to credit analysis. A priority is placed on assessing a company’s future trajectory and the corresponding risk and opportunities for bondholders under various scenarios. Up to 20% of fund assets may be below investment grade.

Role In Portfolio

Appropriate as a fixed-income holding for investors seeking a dedicated corporate bond strategy.

Fund Highlights
The fund is a well-diversified portfolio of U.S. dollar investment-grade corporate securities backed by extensive in-house credit research.
It invests in credits across the full maturity spectrum and its duration and curve positioning are actively managed.
The fund has the flexibility to opportunistically invest in below investment-grade securities and emerging-market debt.
No loads (other fees apply).
The value of an investment will generally fall when interest rates rise.

Fund Snapshot - 07/31/2025
Fund Inception Date Mar 12, 2009
Share Class Inception Date Mar 12, 2009
Ticker PYACX
CUSIP 704329366
Fund Total Net Assets $394.1 million
Benchmark Bloomberg U.S. Corporate Bond Index

Net Expense Ratio 0.66%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $100,000
Investor Class - IRA Account $100,000
Adviser Class - Regular Account $5,000
Adviser Class - IRA Account $2,000
SI Class $10,000,000
Additional Investment - All Classes$250

Payden Corporate Bond Fund (PYACX) Morningstar average:
Corporate Bond
Net Expense Ratio 0.66% 0.87%

Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.

To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.

Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.

The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.

Portfolio Characteristics - 07/31/2025
Fund Inception Date Mar 12, 2009
Total Net Assets $394.1 million
Average Duration 6.8 years
Average Maturity 11.1 years
30-Day SEC Yield 4.81%
30-Day SEC Yield (unsubsidized) 4.89%
Duration Breakdown
Years Percent of Portfolio
0-17%
1-316%
3-520%
5-720%
7-1012%
10+25%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA6%
AA10%
A33%
BBB43%
BB7%
Unrated1%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
Sector Breakdown
Sector Percent of Portfolio
Industrials41%
Financial Institutions39%
Utilities8%
Mortgage-Backed6%
Asset-Backed2%
Other4%
Total 100%

Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.

To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.

Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.

The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.

    Number of funds
Overall 171
3 Year 171
Category: Corporate Bond 5 Year 155
10 Year 103

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (6/30/2025) 3.91% 6.82% 4.47% 0.43% 3.21% 5.04%
Month-end (7/31/2025) 4.10% 4.62% 3.46% -0.17% 3.15% 5.03%
Yearly Returns
20243.16%
20238.53%
2022-16.33%
2021-0.07%
20208.64%
201914.46%
2018-3.05%
20178.53%
20166.82%
20151.15%
Expenses
Total Annual Operating Expense 0.68%
Net or Actual Operating Expense 0.66%

Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.

To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.

Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.

The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.

Morningstar rates funds from one to five stars based on how well their risk-adjusted performance compares to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods—three-, five-, and 10 years—and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell recommendations. Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads, and redemption fees). Total returns do account for the expense ratio, which includes management, administrative, 12b-1 Distribution fees, and other costs that are taken out of assets.
@ 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Fund Commentary - 07/31/2025

MARKET
In July, U.S. Treasury yields moved higher across the curve, driven by persistent inflation and continued strength within the labor market. With the economy holding steady, the Federal Reserve (Fed) decided to keep the federal funds rate unchanged at 4.25%-4.50%. The 2-year yield rose by 0.24% to 3.96% while the 10-year yield rose by 0.15% to 4.38%. With rates continuing to be elevated, demand for corporates remained robust, with corporate yields over similar-maturity U.S. Treasuries falling 0.07% to 0.76%, their lowest levels on the year. Thus, all in yields on 1- to 30-year corporate bonds rose 0.08% to 5.07%.
Primary supply for July finished at $83 billion, the lightest month of 2025 thus far, resulting in year-to-date supply totals of $992 billion, which is flat compared to the same time last year.

OUTLOOK
During the month, the Fund continued to incrementally add risk as demand for corporates remained strong. It actively participated in newly issued bonds, especially in the energy, technology, and consumer-cyclical sectors. The Fund also diversified by adding exposure to high yield, emerging markets, and securitized products. The Fund maintained a modestly long duration relative to its benchmark
We believe corporate bonds can continue to perform well into the fall, supported by a strong technical bid for credit as investors seek to lock in these still-high corporate yields ahead of another round of Federal Reserve rate cuts. As of now, corporate fundamentals remain generally solid; however, we are closely monitoring any signs of deterioration or the potential impact of tariffs on gross margins.
We believe this new environment will present both increased risks and opportunities. Going forward, careful credit selection and the ability to adjust positioning based on evolving global trade negotiations and incoming macroeconomic data will be critical to navigating these market conditions effectively.

Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.

To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.

Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.

The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.